§ Mr. Higginsasked the Chancellor of the Exchequer what is the expected yield of corporation tax, other than advance corporation tax, in the last financial year for which figures are available; and what was the cost of collection.
§ Mr. Peter ReesFollowing are the figures of yield (£ million):
Corporation Tax 1979–80 (net of repayment) Outturn Total 4646 Mainstream 2814 Advance corporation tax 1832 1980–81 Budget estimate Total 4860 Mainstream 3160 Advance corporation tax 1700 No exact figure of the cost of collection is available—and none distinguishing mainstream tax from ACT—since much of the work is done for the purpose of more than one tax. The best estimate is that in 1979–80 the cost of collecting corporation tax as a whole was about 0.6 per cent. of the yield.